The United States is urging Lebanese banks to take “extra” caution in handling financial transactions with Syria, to prevent the Assad regime and its supporters from stashing money abroad, a senior Treasury official said Thursday. “We want to be as careful as possible that the regime, its cronies, its allies that may be trying to […]
Syria is importing significant volumes of grain via Lebanon to work around western sanctions and secure vital supplies, European traders told Reuters. The trade is not illegal because food imports are not included in sanctions imposed by the European Union, the United States and other Western countries on President Bashar al-Assad’s
The Obama administration is intensifying its scrutiny of Lebanon’s financial system, concerned that Syria, Iran and the militant group Hezbollah are using Beirut’s banks to evade international sanctions and fund their activities.
Lebanon’s well-capitalised banks have postponed plans for regional growth, after the Arab awakening closed off the window for expansion opened by the global financial crisis. The country’s banking sector is flush with cash but short of tempting opportunities now that formerly attractive markets such as Syria and Egypt are in political turmoil.
When we are shown horrific images of war, such as the dying child filmed by the late Marie Colvin in Syria last week, it is hard to imagine any other product of conflict than the tragic loss of human life.
Close to 100 billion Syrian pounds (Dh6.41bn), almost a third of all funds on deposit, has left the Syrian banking system since the conflict began last year, The National can reveal. “We are in the danger zone, but it could get much worse,” said an official at the country’s stock-market in Damascus. “The crisis in […]
At the end of a week when more brave reporters died chronicling Syrian President Bashar al-Assad’s slaughter of his countrymen, you hear passionate calls for sending weapons to the “Free Syrian Army.”
Lebanon plans to raise the minimum level of top quality capital reserves held by banks to 12 percent within seven years, the Central Bank governor said Friday. Riad Salameh said he originally envisaged asking banks to raise reserves of Tier 1 capital to 10 percent – already significantly higher than the 7 percent required by […]
The regime of Bashar Assad is tottering. The extraordinary endurance of demonstrators week after week is paying off. His fall would probably trigger a short-term surge in violence, but a better government would emerge
U.S. Ambassador Connelly met with the board of directors of the Association of Bankers in Lebanon, reassuring the ABL that the action taken by the U.S. Treasury against the Lebanese Canadian Bank was “not targeted against the Lebanese banking sector.”